Original author: MORBID-19

Reposted: Oliver, Mars Finance

In hindsight, everything is very clear!

It's me again, once again ranting about the won stablecoin.

But today I finally figured out why our “controllers” are so eager to promote stablecoins.

I think I have discovered the true motive behind all of this!

Let's first take a look at the report from (Financial Times):

Ahn Do-geol, former Deputy Minister of Economy and Finance, recently formed a working group with the Ministry of Strategy and Finance, the Bank of Korea, the Financial Services Commission, the Korea Capital Market Institute, and other relevant agencies to draft a bill on won-denominated stablecoins.

(…)

Ahn Do-geol's office plans to include not only the basic qualifications and licensing requirements for stablecoin issuers but also provisions regarding collateral asset requirements, monetary policy management measures, foreign exchange transaction regulation, and user protection mechanisms in the bill.

Hwang Se-woon, a senior researcher at the Korea Capital Market Institute and a member of Ahn Do-geol's special working group on won stablecoins, emphasized that only entities that meet strict qualification standards should be allowed to issue stablecoins, and that issuer qualifications should be granted through a licensing system.

TLDR: Issuing won stablecoins will likely require government approval.

So, who is most likely to gain government approval? Perhaps those closely connected to the government? Or those mature companies that have already hinted at preparing for this?

No one really knows who the final winner of this hasty policy will be, but the market seems to be betting quite actively on certain names.

KakaoPay is one of the obvious candidates among potential beneficiaries of the won stablecoin, after all, it is one of the largest payment applications in South Korea.

With KakaoPay leading the way, the Kakao group plans to deploy its own bank, KakaoBank, further promoting its dream of stablecoins.

It seems that South Korean crypto players are about to “feast” again, while that “invisible hand” seems to be working silently.

But is this hand really invisible? Or for some people, is it actually “visible”?

Thanks to the 4K camera, that “invisible hand” has become clear.

Expose elected officials who claim not to hold securities but may be involved in insider trading.

Image: South Korean Democratic Party member Lee Chun-seok conducting stock trades under someone else's name in Congress.

South Korean Democratic Party member Lee Chun-seok was caught operating stock trades through a securities trading app on his phone during a parliamentary session, for example, trading Naver stocks. The issue is that the account name in the photo is not “Lee Chun-seok,” but his assistant Mr. Cha.

(…)

Although two similar photos were taken in the past 10 months, as of December 31 last year, the asset disclosure statement of Member Lee states that neither he nor his family holds any stocks (securities). According to the (Real Name Financial Transaction Act), all financial transactions must be conducted under real names. Anyone who conducts transactions under someone else's name for illegal purposes, such as concealing assets, may face up to five years in prison or a fine of up to 50 million won.

—— Excerpt from (Joongang Daily)

This classic “I don’t care that there’s a camera with 125x zoom behind me, let me see how these stocks are doing while I vote in favor” really leaves me speechless.

Although there is currently no conclusion on whether he is really involved in insider trading, the mere fact that he is trading using his assistant's account already exudes a scent of crime.

Speaking of crime, many activities are conducted under the guise of “educational content.”

Original video link: Click here

At the 17:06 timestamp of the aforementioned video, the narrator claims that K-Pop and Korean culture may be good application scenarios for the won stablecoin, repeating the arguments of politicians who are trying to push for relevant legislation.

However, what is truly shocking about this video is not the content itself, but when you look at the comments section, you find that the audience expresses nothing but disappointment towards the channel owner:

  • “What’s wrong? Are you trying to run for office?”

  • “It seems I have been overestimating Hyoseok all along……”

  • “What’s going on? Did the government threaten you to release this video? Haha… um.”

However, seeing voices of dissatisfaction in the comments section against this kind of “brainwashing” attempt actually makes me feel a bit fearful, as I suddenly realize that those questioning may just be an absolute minority in this country.

Most people don't even care what stablecoins are or how they work. Only those with a certain level of financial knowledge are capable of paying attention to and addressing these issues.

The current government has a support rate of 65%. Of course, this has absolutely nothing to do with that free $100 spending voucher!

As long as they continue to throw money around, perhaps they will really achieve their goals in the end.

We will all succeed.